The selling progressed until just after noon when we hit a low of 61K. But, with a 10K gap (24h low/high) in hand, Traders reversed and quickly bought the price back to 68K over an active afternoon of trading.
It appears Traders are trading down in tight ranges as the price drops lower with each dip, buyers return expecting it’s a rally only to find themselves rapidly sold to, driving the price down. Follow the line from the bottom of the 0500 hour sell and it will run through the bottom of the sell at 1630. The rally appears to be over for today and serious buying will reverse it.
Market Analysis Provided by: @tidalbore
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